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Which of the following is not true about mutual funds and variable annuities?

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Which of the following is not true about mutual funds and variable annuities?

A.

each is regulated under the Investment Company Act of 1940

B.

the holder of each must pay income taxes on the dividends received each year

C.

the registered representative must have FINRA registration to solicit either one

D.

the payout of each depends on the investment results of the securities owned in the portfolio

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TESTED 02 Aug 2025